Even though debt consolidation can save your financial status, as well as your personal relationships you still need to be aware of the growing trend to consolidate debt. Financial planning is always key in any healthy bank account, but beware of what some of these firms offer. Many have advertised all over the Internet and TV, but some of these are now being sued by different attorney generals, the IRS, and even the FTC. The reason for these suits is the fact that they are not really non-profits.
The FTC and five different states have sued one of the worst offenders in the debt consolidation game. The company has filed for bankruptcy, but has not really gone out of business since they merely have broken up into a few different companies. This means you still need to be aware of companies that used to be part of a large company or have recently changed names.
You might hear a variety of names given to such debt consolidation companies this are because of the negative press that many of these companies have received. They are trying to change this word to something that has a better connotation. You may hear the phrases debt negotiation or debt settlement...
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